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MMi Daily Iron Ore Index Report May 11 2021

A total of 84 vessels carrying 11.33 million mt of iron ore arrived at major Chinese ports during May 2-8, SMM estimates. This was down 420,000 mt from the previous week, and down 2.72 million mt from the same period last year. For the same week, iron ore deliveries leaving Australian ports rose 1.95 million mt on a weekly basis to 18.03 million mt. This was up 2.43 million mt from the same period last year. Shipments that departed Brazilian ports were estimated to decrease 1.56 million mt week on week to 5.61 million mt. This was 340,000 mt higher than the same period last year. Due to recent surge in steel prices, SMM data model estimated that the rebar profit of steel mills with blast furnaces kept fluctuating around 1000 yuan/mt, and the HRC profit exceeded 1,200 yuan/ mt. In order to maintain the high output of molten iron, the pursuit of medium and high-grade iron ore products by steel mills continue to support the current prices. Both quotations and inquiries from the physical port stock market turned to be quiet as market players performed to be cautious when DCE iron ore futures market vibrated violently. PBF was closed at 1663yuan/mt in Shandong market, with price hike of 3-18yuan/mt over yesterday. But total transaction atmosphere in the port stock market dropped sharply.

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Source: Metals Market Index (MMi)

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